Post # 1
I’m newly engaged (just got engaged on Monday (10/6/14) so I haven’t done a lot of research but I’m trying to create a budget and I’m trying to figure out how people pay for a wedding?
We’re digging into our savings but our budget is more than what we have saved. And keep in mind, we’re doing a low budget wedding. I’m at the point of considering taking out a loan for the wedding and paying it back afterwards – we both have amazing credit so I’m hoping we can take a loan out with low interest fee.
I know asking about money is a personal questions but I really need some tips here. Thanks everyone!
Post # 2
KatFishWedding: the worst thing you could ever do is finance a wedding. a wedding is not a necessity like clothing, food, or shelter. going into a marriage with more debt than absolutely necessary is a terrible idea considering finances are the number one thing couples fight over. Set a budget that doesn’t include any loans, credit card use, or blowing through all your savings and have a wedding within those means.
Post # 3
- Wedding: Santo Domingo, Dominican Republic
We’re having a long engagement which gifts us a lot of time to save for wedding. We’re getting married on March 2016 so that gives us like two years to save money. We’re paying all cash because were not trying to use credit cards or take out loans. I suggest you be very careful because personal loans automatically have a high interest rate, A lot higher the car loans. We took a personal loan once and after paying that off we swore that we would never do it again. It was horrible.
Post # 4
I would never ever recommend starting a marriage by going into debt for the wedding. There are always ways around this. Even if your wedding becomes and intimate lunch in someone’s backyard it’s better to have a small wedding than put yourself into debt. There have been studies that show couples who overspend and put themselves into debt for weddings have a higher divorce rate because of the financial strain so early in the marriage.
My Fiance are saving up and paying for the wedding ourselves. We are lucky enough that both of our families have offered to help out in small ways but for the most part it is all us. We have decided to purchase a smaller home and are seriously budgeting and keeping track of our spendings until the wedding to ensure we save as much us possible.
Post # 5
future.mrs.koban: Thanks for your honesty future.mrs.koban. I wasn’t planning on taking out a large loan, that is if I even did. I was just thinking of only 5K, just so I can use it for deposits. I literally haven’t even been engaged for a week yet so I know I have a lot more research to do before I do anything drastic!
Post # 6
2 year engagement, and we’ve managed to save our entire budget a year early. We just got a credit card with cash back rewards. What we will do is make all payments on the card and pay it off monthly with our saved cash. We don’t care about the credit score as we have perfect credit, we just want the cash back. Kinda making money off our wedding lol
The other thing that helps, is most vendors will take payments after the initial deposit, even if its not a scheduled deal. Like pay a $500 deposit to your DJ. The remaining balance is $1k, due in a year. Break it down to $100 per month, and you have it paid before your wedding.
I do agree that a wedding, while important, is not a wise thing to be in debt over. Things like a house and vehicle and college are good reasons for debt.
Post # 7
MrsBagel: Thank you so much MrsBagel! My fiance and I spoke this weekend and came to the conclusion that we should wait 2 years as well. We’ve only been engaged for 1 week now so I really jumped the gun and got myself really freaked out about things! lol
I might look into getting a cash back rewards credit card. Sounds like a really smart idea! Thanks again, I really appreciate you time!
Post # 8
KatFish We figured out how much we could save each month and worked out a budget from there.
We put everything on the amex for the points. We get double points at hotels – and since our venue is a resort we’ve gotten double points on all our deposits. The cash is in the bank, we just transfer it to the card once making the payment, so we aren’t spending on credit, we’re just using the card for the rewards (like Mrs Bagel did with her cash back.)
I have a cash back card, we looked at the rewards for the two and found that we earned more through the amex than we did with the cash back. But if your cash back is halfway decent it might be in your favour to go that route – just try to maximize your rewards!
Our honeymoon flights are 50,000 points (combined). We still have another 150,000 points to spend on hotels. It should cover most of our hotel stay and possibly some of our AI package (we’re doing a sun then ski honeymoon. So the ski portion is nearly covered by points!)
Not all of these points were earned with wedding stuff. We put EVERYTHING on that card and pay it off the same month. And we bought a house and put our upgrade deposit on the card and paid it off to get the points.
Post # 9
If you are going to open up a credit card, try to find one with good rewards as well as 0% APR during the first 12 – 18 months. That’ll be good for you, since you can pay off the card in installments and not worry about interest (assuming you can pay it all off within a timely manner).
And I’m glad you decided to wait 2 years. That will give the both of you plenty of time to save up for the wedding.
Post # 10
Same here – we worked out how much money we’d be able to put aside each month, combined with what we’d already saved up, and then wrote out a detailed budget of how much things would probably cost. Start by calculating the budget for the Reception based on your guest list (that’s usually the most expensive part), then make a list of everything else you want (DJ, photographer, dress, flowers, bridesmaids dresses, etc) and work out how much you can afford to spend on all of that. We ended up not having a DJ (we put together a playlist in advance instead and played that for dancing) and having almost no decorations at the venue, but sticking with our really nice venue.. because that was the most important thing for us.
I definitely agree not to go into debt over a wedding.. You never know what might go wrong in your life and the last thing you want is to start your wedding in debt (even if it’s ”only” 5k… I’d definitely say have a wedding that you can comfortably afford 🙂
Post # 11
When planning our wedding, we made sure to give ourselves enough time to pay everything off. We didn’t really have a budget, per say, but we had a rough idea of what we wanted to spend [which was $15k]. We actually did go over that [we are at 18k right now], but it would be right around 15k if we didn’t count the honeymoon/rehearsal/rings in our overall budget.
We had a 22 month engagement, giving us plenty of time to save and figure out what we wanted to do, what was important, and what we didn’t really care about.
I would suggest sitting down with your fiance and figure out what is important for you, and then making a list. For us it was food, booze, photography, a dj and a beautiful ceremony location. Everything else took a back seat to these things.
Post # 12
I dug into my tax free savings account and my Future Mother-In-Law gave us some money for most of the expenses. My mom is paying for the flowers. And we’ve used our discretionary income on smaller things as they come along. Our budget is about 12000 not including honeymoon.
Post # 13
I will still be in college when we get married, but I’m on track to graduate with no debt, and my fiance has a good job and was able to get his bachelor’s with no debt, so we’re in pretty good financial shape, but don’t have a ton of money.
I would love to have a huge, fairy-tale wedding, but I know that that won’t be possible with our money, so we’re sacrificing some things to save. We cut our guest list down to 150 (which was hard, we both have huge families), and our reception is at a not-as-fancy golf club. Our budget is $12,000, not including my dress or the $2,000 that my parents are giving us, and I think that will be good.
Remember, it isn’t about how much money you can spend or that it’s got every perfect little detail; it’s about you marrying the man of your dreams! I’d definitely not recommend taking out a loan for your wedding because I wouldn’t want to take debt into marriage, but you’ve ultimately got to make that decision for yourself.
Post # 14
we setup a budget, then figured out how long we had to save and how much per check would need to be set aside into a savings account. we pay things as we go but by the time its due (60 days out) we will have all final payments saved.
financing it is a terrible idea. have the wedding you can afford, save and be responsible about it.
Post # 15
Ok, I don’t want to tell you what to do, but I’m going to anyway. 🙂 DON’T take our a loan for your wedding!!!!! Don’t do it. A wedding is not an asset (like a home) or an investment (like an education) that will pay off for you. It’s a party. Don’t take out a loan for it!
$5k is a lot of money when you don’t have it. It can take a long time to pay that back (with interest, remember) when you’re also paying your regular living expenses. If it were easy to pay back, it’d be easy to save up that amount, you know?
If I were you, I’d figure out how much money you can spend on the wedding without going into debt or disrupting your regular cash flow. Then base your budget around that figure, and stick to it. Believe me, you will be so much happier with a simpler wedding than a fancier one that you’ll be paying off for years.
To answer your question (finally!)–we paid for our wedding with our savings. Not savings that were earmarked for something else, but savings for our wedding specifically. So it’s not like we were raiding our 401ks or our home down payment savings. I recommend everyone do the same.
Good luck! You can have an awesome wedding on a small budget–it just takes a little more energy and creativity.